Tamboran Resources Corporation (ASX: $TBN) announcement overview

Tamboran Resources Corporation (ASX: $TBN) has announced an increase in its net Beetaloo Basin unrisked net 2C contingent gas resources by 8% to 2.1 TCF. This increase follows the successful 30-day initial production (IP30) flow test of the Shenandoah South 1H (SS-1H) well, resulting in the first estimate of contingent gas over the Shenandoah South region across EP 98 and 117 in the Beetaloo Basin. The resource upgrade has been evaluated and certified by leading independent third-party resource certifier Netherland, Sewell & Associates, Inc. (NSAI), with an effective date of 31 January 2024.

Executive commentary on the resource increase

The Shenandoah South 1H well has de-risked some of the highest quality shale intersected to date in the Beetaloo Basin, with the IP30 flow results demonstrating strong and commercial deliverability. Importantly, this has led to the first booking of contingent gas resources over the Shenandoah South region of the Beetaloo Basin, on the border of the EP 98 and 117 permits. The initial unrisked 2C contingent gas resources booking of 152 Bcf net to Tamboran over the Shenandoah South area is expected to support the initial proposed 40 MMcf/d Pilot Project. These volumes are anticipated to secure important gas supply into the Northern Territory gas market for the next decade. Tamboran stands by its commitment to deliver first volumes from the Beetaloo Basin into the Northern Territory before exporting volumes into the East Coast and international LNG gas markets.

Summary of Tamboran Resources Corporation's announcement

Tamboran Resources Corporation (ASX: $TBN) has successfully increased its net Beetaloo Basin unrisked net 2C contingent gas resources by 8% to 2.1 TCF following the successful flow test of the Shenandoah South 1H (SS-1H) well. The resource upgrade, evaluated and certified by Netherland, Sewell & Associates, Inc. (NSAI), supports the sanctioning of the proposed 40 MMcf/d Shenandoah South Pilot Project, expected to be sanctioned in mid-2024 and deliver first gas into the Northern Territory in Q1 2026, subject to securing financing and key stakeholder approvals. Tamboran's commitment to delivering gas supply into the Northern Territory gas market and its future plans for exporting volumes into the East Coast and international LNG gas markets demonstrate the company's ambitions and goals in the Beetaloo Basin.